20 chapters · 579 sections in this title.
Mont. Code Ann. § 19-6-1001 Short Title
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This part may be cited as the "deferred retirement option plan" or "DROP".
Mont. Code Ann. § 19-6-1002 Definitions
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Unless the context requires otherwise, as used in this part, the following definitions apply: (1) "DROP" means the deferred retirement option plan established pursuant to this part. (2) "DROP account" means the member's accumulated monthly DROP accruals, plus interest. (3) "DROP …
Mont. Code Ann. § 19-6-1003 Deferred Retirement Option Plan Established -- Rulemaking
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(1) The board shall establish a DROP for eligible members of the retirement system who elect to participate. (2) The board shall administer the DROP in compliance with the Internal Revenue Code and the applicable rules, regulations, and determinations of the internal revenue serv…
Mont. Code Ann. § 19-6-1004 Eligibility -- Participation Criteria -- Membership Status -- Service Interruptions
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(1) Any member eligible to retire under 19-6-501 is eligible for and may elect to participate in the DROP by filing a one-time irrevocable election with the board on a form prescribed by the board. (2) A member electing to participate in the DROP shall participate for a minimum o…